National Bank of Canada to Acquire ‘Strongly Aligned’ Toronto Fintech

National Bank of Canada is acquiring Embark Student, a Toronto-based fintech delivering digital-first education savings and planning services, for an estimated $226 million.

With over 400,000 beneficiaries and more than $6 billion in assets under management, Embark is known as one of Canada’s largest direct-to-consumer RESP providers, with a national brand and a tech-enabled platform for end-to-end education savings administration and investment management.

Andrew Lo, chief executive officer of Embark, says that “joining forces with National Bank accelerates our mission to make education savings accessible to every Canadian parent.”

“This partnership reflects a shared commitment to that goal,” Lo stated, “and it’s why this is the right fit at the right time.”

“We are excited to continue delivering best-in-class RESP services and advice, now alongside National Bank,” he said.

Nancy Paquet, who functions as Executive Vice-President of Wealth Management for National Bank, believes that the “transaction is strongly aligned with our savings and investment advisory strategy for our clients, combining Embark’s digital capabilities with National Bank’s strengths to deliver a best-in-class education savings experience and expand our presence across Canada.”

“We are happy to see Embark joining National Bank,” she said.

Embark customers can continue to count on the same experience they’ve come to know and trust, according to Paquet, who says that Embark’s daily operations will remain as usual and users can track and manage their plans any time.

“We look forward to welcoming Embark’s employees and clients in the next months,” she said.

Originally founded in 1965 as University Scholarships of Canada, Embark rebranded in 2023 from Knowledge First Financial to reflect its modernized, fintech-forward approach.

With $635 billion in assets, National Bank is Canada’s sixth largest bank.

Alongside other major incumbent financial institutions, National Bank is exploring the development of Canadian dollar based digital money solutions.